GBP/USD – 1.3224
Original strategy :
Buy at 1.3130, Target: 1.3230, Stop: 1.3095
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.3130, Target: 1.3230, Stop: 1.3095
Position : –
Target : –
Stop : –
Yesterday’s rally above previous resistance at 1.3159 confirms recent upmove has resumed and upside bias is seen for further gain to 1.3240-50, however, near term overbought condition should prevent sharp move beyond 1.3275-80 and reckon 1.3300-10 would hold from here, risk from there has increased for a retreat to take place later.
In view of this, would not chase this rise here and would be prudent to buy cable on pullback as the upper Kumo (now at 1.3123) should limit downside, bring another upmove later. Below 1.3105-10 would defer and risk test of support at 1.3097 but only break there would signal a temporary top is possibly formed, bring further fall towards previous support at 1.3052.
